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Asian stocks rose nearly two percent to hit a five-month high as both houses of Congress passed a bill to end the "fiscal cliff" crisis that threatened a U.S. recession and roiled world financial markets.

Asian stock markets rose on Friday as investors hoped for an 11th-hour budget compromise to avert the so-called U.S "fiscal cliff" ahead of a meeting by President Barack Obama and key lawmakers, while Japanese stocks posted their bets yearly gain of 2012.

Asian shares closed marginally higher on Thursday amid caution about the chances of the U.S. going over the "fiscal cliff" but Japan managed to hit a 21-month high as a strong currency buoyed investor risk appetite.

Asian shares closed mostly higher on Thursday, even though Japan was unable to gain momentum from further stimulus and despite investor worries about the looming "fiscal cliff" deadline, which risks the health of the world's largest economy.

Asian shares posted gains on Tuesday, tracking the overnight gains in U.S. stocks, as fresh signs of compromise maintained a new optimism that the U.S. "fiscal cliff" budget tussle could be settled before tax hikes and spending cuts begin to bite early next year.

Asian shares retreated from session gains on Thursday afternoon to trade mixed, but Korea hit a fresh 3-month high after its central bank held interest rates steady while a weaker yen drove Japan to an 8-month high.

Asian shares rose on Wednesday buoyed by strength in global equities markets on hopes of a deal from the U.S. budget talks and expectations for more stimulus from the Federal Reserve when it ends its two-day policy meeting later in the day.

Asian shares were mixed on Thursday after U.S. President Barack Obama said a deal to avert the so-called fiscal cliff of year-end tax hikes and spending cuts was possible in "about a week" if Republicans compromise on taxes.

RIO DE JANEIRO, Oct 25- Brazilian mining company Vale SA plans to sell underperforming assets to control costs and boost profit, executives said on Thursday, a day after reporting weak earnings and halting work on a giant iron ore mine in the West African nation of Guinea.

RIO DE JANEIRO, Oct 25- Brazilian mining company Vale SA plans to sell underperforming assets to control costs and boost profit, executives said on Thursday, a day after reporting weak earnings and halting work on a giant iron ore mine in the West African nation of Guinea.

RIO DE JANEIRO, Oct 25- Brazilian mining company Vale SA plans to sell underperforming assets in a push to control costs and boost profits, executives said on Thursday, a day after reporting weak earnings and a halt to work on a giant iron ore mine in Guinea, West Africa.

BANGKOK-- Stock markets rose Thursday after an unexpectedly strong U.S. housing report renewed confidence in the world's biggest economy and the latest data from China suggested the worst of its slump is over.

BANGKOK-- Asian stock markets rose Thursday after an unexpectedly strong U.S. housing report renewed confidence in the world's biggest economy and the latest data from China suggested the worst of its slump is over.

By Maytaal Angel and Clara Ferreira-Marques. LONDON, Oct 12- Mining firms, already cutting back after years of rising costs, could do more to tighten their belts and should use the proceeds to increase payouts to yield-hungry investors, BlackRock, the world's largest fund manager said on Friday.